Bloomberg Law
Oct. 10, 2019, 5:40 PMUpdated: Oct. 10, 2019, 7:09 PM

Wall Street’s Smaller Rivals Freed From Harshest Fed Demands (1)

Jesse Hamilton
Jesse Hamilton
Bloomberg News

The Federal Reserve relaxed burdens for all but the giant Wall Street lenders it oversees in the most sweeping revamp of U.S. banking rules undertaken by watchdogs appointed by President Donald Trump.

Driven by a law enacted last year, the Fed moved to “tailor” oversight to ease up on smaller banks that are considered less risky. The overhaul, approved in a 4-1 vote Oct. 10, goes even further than Congress required by dialing back constraints tied to capital, liquidity, stress testing and leverage for both domestic and foreign banks doing business in the U.S.

In one of the key ...